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ACC Cracker Barrel Audit of The Fiscal Year Gift Card & Common Stock Research Paper

Alamance Community College

Question Description

I’m stuck on a Business question and need an explanation.

i need questions 23-43 with their sources citation as a research paper, please be concise in answers i do not need long paragraphs as answers.

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Accounting Practices Project Listed below are a series of questions that constitutes the final semester project for ACC 227. You are to answer these questions in complete sentences. You may submit your answers for questions 1 – 40 as a group, but your own answers for questions 41 – 43. Finally, you will present your answers to these questions in an open discussion format on March 25. The written answers are due on the date indicated on the class schedule. Questions 1 through 40 are worth 2 points each. Here is a URL which will direct you to the annual reports for Cracker Barrel: https://investor.crackerbarrel.com/financial-information/annual-reports Other related information can be found at: http://investor.crackerbarrel.com/static-files/adecf4bc-ae5e-4272-ab65-6a4f5226507b 1. What is the history of Cracker Barrel? Who started it? Why? Where was the company started? 2. What is a cracker barrel? Why did the founder select this name? 3. What is the business model of Cracker Barrel? Where are most of their restaurants physically located and why? 4. What is the name of the long term strategic plan? 5. What as Cracker Barrel’s goal in cost reductions for 2017? Did the company reach the goal? 6. What are the percentages of sales for breakfast, lunch, and dinner? 7. What is the amount of the average check? 8. How is the floor space divided between food preparation, retail store and dining area in the average store as a percentage of the total store? 9. How much of revenues as a percentage of total revenues comes from retail and the restaurant? What are the five major categories of food expenses and their relationship to sales 10. In the retail section of the store, what are the five categories of inventory and their related percentages of sales in relationship to total sales? 11. How much as a percentage of retail inventory does Cracker Barrel purchase from China? 12. How many guests will the average Cracker Barrel serve during a week? 13. Who is the largest shareholder? Why are the board of directors at odds with this shareholder? Why might this shareholder be subject to “conflict of issue” issues? What does the board plan to use to stop this troublesome shareholder from further actions concerning controlling Cracker Barrel? Look for a “Poison Pill.” 14. Who is on the board of directors? Is this group well – suited to lead Cracker Barrel? Do they bring diverse skills to the company? Do they bring expertise from many areas to the company? Page 1 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29 30. 31. 32. 33. 34. 35. 36. 37. 38. Who are the officers of the company? Is this group well – suited to lead Cracker Barrel? Do they bring diverse skills to the company? Do they bring expertise from many areas to the company? How many employees do they have in the current year? How many stores does the company operate? What is the size of the average dining room? What is the stock symbol of Cracker Barrel? How much is the stock worth currently? What is the 52 week high and low? How much did Cracker Barrel pay in its last cash dividend distribution? Does Cracker Barrel sell alcohol? Why? What is the Holler and Dash concept? In 2017, how much did revenues grow? Gross Profit? When is Cracker Barrel’s year end for 2017? Who is Cracker Barrel’s external auditors and what type of opinion did Cracker Barrel receive in 2017 on their financial statements? What was the last day of field work? What is the par value of Cracker Barrel’s common stock? As of September 14, 2018, there were ______________________ shares of common stock outstanding. What is Cracker Barrel’s largest advertising vehicle? What does Cracker Barrel expect its effective tax rate to be in 2019? Which method of inventory valuation does Cracker Barrel use? How are gift cards reported? What is a MSU grant under share – based compensation? Who is Cracker Barrel’s transfer agent? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, who should an employee talk with if a employee needs questions answered concerning the code? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, what dollar amount of a gift or entertainment is considered acceptable to receive by a Cracker Barrel employee? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, can a Cracker Barrel employee accept a Christmas or birthday gift from a vendor? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, can an employee make an indirect political contribution to a political candidate on behalf of the company? Does Cracker Barrel encourage employee participation in the political process? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, who are the three (or four) individuals that an employee should report a violation of the code of conduct? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, who investigates suspected violations reported? Page 2 39. 40. 41. 42. 43. Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, who is the current general counsel of Cracker Barrel? Under Cracker Barrel’s CODE OF BUSINESS CONDUCT AND ETHICS statement, do all employee sign any type of documentation stating that they have received a copy of the code and will follow its provisions? What is Cracker Barrel’s working capital for 2018? What is so unusual about Cracker Barrel’s working capital? (2 points) What is Cracker Barrel’s dividends per share, and dividend yield? (8 points) Would you buy Cracker Barrel stock? Give five reasons why you would buy the stock OR five reasons that you would not buy the stock. (10 points) Page 3 ...
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Final Answer

Attached.

Running head: CRACKER BARREL

1

Cracker Barrel
Name
Institutional Affiliation

CRACKER BARREL

2
Cracker Barrel

Qn.23.
Audit of the Fiscal Year
Cracker Barrel’s fiscal year usually ends on the Friday which nears every July 31 of every
year which in this case was July 28, 2017 (Annual Reports | Cracker Barrel Old Country Store,
Inc., 2020).
Qn.24.
In that particular year, external auditors from Independent Registered Accounting Firm did an
audit of the entire firm's accounts, and according to their report matters, finance of the Company
was unprofessional or unqualified. This, therefore, means they were never satisfied by the work of
the Company's internal controller of their investment and budgets. Their last field workday was on
November 17 in 2017, whereby the stakeholders received the annual presentation of the
Company's performance (Annual Reports | Cracker Barrel Old Country Store, Inc., 2020).
Qn.25.
Common Stock
Cracker Barrel's par value of the common stock stands at $0.01 per share.
Qn.26.
As of September 14, 2018, there were 24.01M shares of common stock outstanding.
Qn.27.
Their most massive tool used for marketing is billboards (Annual Reports | Cracker Barrel Old
Country Store, Inc., 2020).
Qn.28.

CRACKER BARREL

3

They expected the rate of the sufficient tax to be tentatively about 17% in 2019, which would have
assumed the renewal of the work opportunity tax credit.
Qn.29.
They use the retrospective or cumulative effect transition method of inventory valuation. They
may also use the discounted flow model.
Qn.30.
Gift Card
A Cracker Barrel customer may check their gift cards in three ways, which include; visiting
any

Cracker

Barrel...

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